Reperformance as an audit procedure is performed by the audit manager/supervisor reviewing the work done by the staff auditor to check its accuracy. $2: The auditor examining the contract of lease to determine the propriety of the entry made by the client to take up the leased machinery and equipment is an example of the inspection procedure. §3: Tracing involves checking of documents to accounting records which follows the reverse rule of vouching.
Reperformance as an audit procedure is performed by the audit manager/supervisor reviewing the work done by the staff auditor to check its accuracy. $2: The auditor examining the contract of lease to determine the propriety of the entry made by the client to take up the leased machinery and equipment is an example of the inspection procedure. §3: Tracing involves checking of documents to accounting records which follows the reverse rule of vouching.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1: Reperformance as an
$2: The auditor examining the contract of lease to determine the propriety of the entry made by the client to take up the leased machinery and equipment is an example of the inspection procedure.
§3: Tracing involves checking of documents to accounting records which follows the reverse rule of vouching.
A: Ifall statements are correct.
B-If only one statement is correct.
C- If only two statements are correct.
D- If all statements are incorrect.
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